CALGARY, Nov. 17, 2017 /CNW/ – Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSXV: MEI) provides the following update related to its transaction with Questfire Energy Corp. (“Questfire“) and various other corporate matters it is pursuing. As announced by Questfire on November 16, 2017, Questfire’s lenders are seeking a court order to place Questfire in receivership. As a result, Manitok’s previously announced plan of arrangement transaction with Questfire is terminated.
Manitok has been aware of this possibility and has taken steps to preserve its ability to complete the acquisition of Questfire’s assets. Manitok has communicated with Questfire’s receiver and its potential financiers regarding the dynamics involved with the Questfire creditors and regulations now involved. Manitok continues to progress its two financing alternatives, one involving debt alone and the other equity combined with debt, to the later stages of completion. Both options are at the final stages of due diligence and once due diligence is completed successfully, would require about 10 to 14 days to finalize the definitive agreements.
Manitok is a public oil and gas exploration and development company focusing on Lithic Glauconitic light oil in southeast Alberta and Cardium light oil in west central Alberta. The Corporation utilizes its expertise, combined with the latest recovery techniques, to develop the remaining oil and liquids-rich natural gas pools in its core areas of the Western Canadian Sedimentary Basin.